​Gov’t designates 5 new foreign investment zones

Park Sae-jin Reporter() | Posted : December 9, 2013, 14:44 | Updated : December 9, 2013, 14:44
The government has designated five areas as new foreign investment zones (FIZs), the Ministry of Trade, Industry and Energy said Monday.

They are Munmak in Gangwon Province, Yeosu in South Jeolla Province, Saemangeum in North Jeolla Province, and Pyeongtaek and Hwaseong, both in Gyeonggi Province.

Four foreign medical equipment manufacturers, including Germany’s Artificial Life, plan to invest a combined US$68 million over the next five years, and employ 580 people, the ministry said in a press release.

A joint venture in Yeosu between South Korea's Lotte Chemical and Italy's Versalis S.p.A. will invest about $515 million to produce petrochemical products beginning in 2017.

Japan's Toray Industries will produce high molecular materials in the Saemangeum FIZ, while Nitto Denko also of Japan plans to make ITO film in the Pyeongtaek zone. The Hwaseong FIZ will house U.S.-based Air Products & Chemicals.

The new FIZ projects, if carried out as planned, will generate a combined investment of $1.11 billion and create more than 1,100 jobs, the ministry said.

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